Are Offices Truly Worth as Little as REITs Imply?

Washington Post/Bloomberg, Apr. 4, 2023–Jonathan Levin
The U.S. office market faces a tough road ahead. Corporate tenants are considering scaling back, higher interest rates are hurting valuations and many property owners face looming debt maturities that they may struggle to refinance. That’s all concerning, but just how bad can it get? Private and public markets disagree to a jarring extent, and the truth is probably somewhere in the middle.